解析美国债券违约诉讼的“不起诉条款”

Analysis of the ‘No Action Clause' of the U.S.Bond Default Litigation

当债券发行人出现违约情形时,债券持有人可以提起诉讼维护自己的合法权益。在美国的违约诉讼中,在法律层面上对实质性违约与条款违约的诉讼方式进行了区分;在债券契约中约定了"不起诉条款",并通过司法判例不断对"不起诉条款"的适用范围进行探析,以达到债券市场效率和持有人权益保护之间的平衡,值得思考借鉴。

When a bond issuer defaults,bondholders can bring suit to protect their legal rights and interests.In the litigation of a contract breach in the United States,there is a legal distinction between a substantive breach of contract and a breach of contract clause.A‘no action clause'is therefore stipulated in the bond contract,and the scope of application of that clause is determined by means of judicial precedent.This process is aimed at achieving a balance between the bond market efficiency and the protection of the rights and interests of holders.